PONZI SCHEME

Kolkata: The ponzi scam became a major issue in West Bengal in 2014 giving sleepless nights to the ruling Trinamool Congress as many of its leaders came under the scanner and faced action.
After the duping of hundreds of investors allegedly by the Saradha Group, owned by Sudipto Sen last...

New Delhi: CBI registered two fresh cases against as many companies in West Bengal in connection with chit fund scam in which thousands of investors, lured by higher interests, were duped of their deposits.
CBI sources said the agency registered cases against Ramel Industries and Annex Infrastructure in connection with...

Bhubaneswar: A local court has directed the superintendent of Jeypore jail in Odisha's Koraput district to produce Seashore CMD Prashant Das before it on October 14.
District and sessions court judge DP Choudhury issued the direction yesterday while hearing a petition of the Enforcement Directorate which wanted to take Das on...

New Delhi: Lawmakers on Thursday quizzed officials of RBI, SEBI and the government about the steps being taken to avoid recurrence of fraudulent moneypooling activities like Saradha scam.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or...

New Delhi: The Serious Fraud Investigation Office of the Ministry of Corporate Affairs on Monday completed its probe into the multicrore Saradha scam and said 14 firms were running 'ponzi schemes'. Investigations have revealed that primary source of payments to subscribers was collections made from newly enrolled members rather than...

Kolkata: Agony, despondency, exasperation and anger. The emotions in West Bengal's countryside remain pretty much the same as they were a year ago when Saradha Group went bust. While the company's bosses Sudipta Sen, Debjani Mukherjee and Trinamool Congress MP Kunal Ghosh are in custody, duped investors have nothing. Most...

New Delhi: A complicated maze of 338 bank accounts and 224 companies was used by the perpetrators of the Saradha chitfund scam which is alleged to have duped numerous investors of their hard earned monies in various states including West Bengal, Odisha and Assam.
The Enforcement Directorate (ED), which has been...

The US prosecutors have secured a whopping $ 1.7 billion penalty from banking giant JP Morgan, which has been criminally charged for ignoring warning signs of Bernard Madoff's massive Ponzi scheme and will pay the amount to the victims of the Madoff fraud.
Manhattan's top federal prosecutor Indiaborn Preet Bharara yesterday...

Bhubaneswar: In a major relief to depositors duped by ponzi schemes, the Securities and Exchange Board of India (SEBI) on Saturday said its new powers would help in recovery of money from the fraudulent firms and return them to the investors. "Through the new ordinance, SEBI can search and seize...

Kolkata: The Calcutta High Court on refused to grant the prayer for a CBI investigation into the multicrore Saradha chitfund scam at the present stage. A division bench comprising Justice AK Banerjee and Justice MK Chaudhuri, passing its order on PILs seeking CBI probe into the scam, refused the prayer...

Bhubaneswar: Police in Odisha have begun investigations into allegations linking some mediapersons and builders with a chit fund group after prima facie that there were financial transactions between them, an official said Monday.
The commissionerate of police here is examining the bank accounts and other relevant documents of about 25 people,...

Bhubaneswar: Weeks after CNNIBN reported a political nexus in Odisha's Rs 20,000 crore investment scam, the crime branch has now arrested the owner of another financial company. The arrested owner of Artha Tatwa, Pradip Sethi, has alleged that ministers, MLAs, top politicians and bureaucrats are also involved in the financial...

Kolkata: As the Calcutta High Court begins hearing pleas seeking a CBI probe into the Sharada group chit fund scam on Tuesday, CNNIBN has found that it is unemployment and stunted industrial and agricultural growth in the state that is forcing people to invest in ponzi schemes.
Seventyyearold Sunil Sarkar recounts...

Kolkata: Chit fund aided Saradha Group promoter Sudipta Sen's close aide Debjani Mukherjee on Friday claimed she was only a "trustworthy employee" of Sen and that she was sacked for raising her voice against the company's fund collection method. "When I found out that my boss was doing business in...

Kolkata: The amount of property amassed by Sudipta Sen, the chairman of the Saradha Group, which has been accused of duping thousands of investors, will be made public by the police. "We are planning to make public the amount of money that Sen and his associate Debjani Mukherjee has made...

Kolkata: Two more people committed suicide in West Bengal on Monday over the chit fund scam case. In the first case, the father of a ponzi scheme agent committed suicide at Sodepur in North 24 Parganas.
Sixty fiveyearold Jagdish Roy was upset after his son who had a total liability of...

Kolkata: The West Bengal chit fund is getting bigger each day. It has now turns out that ponzi schemes in the state financed not just media houses but Tollywood films as well. In the past four years, at least one in three films has been produced by groups that run...

New Delhi: After the West Bengal chit fund scam, another ponzi scheme has been exposed.
An alleged conman named Bhoop Singh alias Bhanu has been arrested in New Delhi for allegedly duping nearly 10,000 investors mainly from Maharashtra.
He was also wanted for cheating cases in Goa, Gujarat and Rajasthan....

Rose Valley's chairman Goutam Kundu wrote to West Bengal CM Mamata Banerjee on April 23 seeking protection from the administration. He claimed in his letter that his group had assets worth Rs 10,000 crore, and the money collected from depositors was safe in his hands.
...

Mumbai: The Enforcement Directorate (ED) on Saturday arrested Sayed Masood, Chairman of City Group, from New Delhi in connection with a fraud case. "We have arrested Sayed Masood from New Delhi and he will be brought to Mumbai and produced in a court," said an ED official.
Masood is accused of...

Mumbai: The Rs 2,300 crore Speak Asia scam, the Rs 1,700 crore Aryarup scam and now the Rs 500 crore Stock Guru scam all these cases involved accusations of duping investors with false promises. Experts, however, chillingly add that these are just the tip of the iceberg. Several direct...

Houston: Financier and cricket mogul Allen Stanford was found guilty of perpetrating a $7 billion Ponzi scheme, a US jury declared on Tuesday.
The mustachioed extycoon had pleaded not guilty to bilking 30,000 investors from more than 100 countries through bogus investments with Stanford International Bank.
Jurors found him guilty of 13...

New York: An Internet poker company that was blocked from operating in the US in the spring as part of an online gambling crackdown was "not a legitimate poker company, but a global Ponzi scheme," federal prosecutors said Tuesday. The popular Full Tilt Poker website illegally raided player accounts to...

London: An NRI businessman Kautilya Nandan Pruthi and his two British accomplices have been arrested in London on charges of allegedly duping more than 600 people including many celebrities.
Pruthi's victims include celebrities like former English cricketer Darren Gough and singer Jerome Flynn.
His online profile describes him as a 'zany entrepreneur...

New York: Bernard Madoff, who became a symbol of greed in the financial crisis for masterminding Wall Street's biggest investment fraud, faces the rest of his life in prison in one of the stiffest punishments for whitecollar crime when he is sentenced on Monday.
The courtroom drama will unfold with the...